When buying holiday money or sending money abroad, many banks and brokers include hidden fees and or a mark-up in the exchange rate. Not surprising, a recent study into international money transfers and payments found that 75% of consumers do not know about, or do not understand currency exchange rate mark-ups.
In recent years specialised currency exchange companies have broken the monopoly on the supply of currency exchange services. Banks and high street exchanges are no longer the go to choice for changing currency.
These currency exchange companies deliver much more competitive exchange rates to consumers, more personalised service, and faster transfer times than banks offer. It’s no surprise than savvy overseas property buyers and expats choose these companies to get a better deal.
A high street bank may seem like the easy or convenient option, and may be your choice through habit, however using a specialist foreign currency exchange company is just as easy and more importantly works out much cheaper!